Estonia Industry June 2018

Estonia: Industrial production growth slows in June

July 31, 2018

According to Statistics Estonia, annual industrial production growth eased from a revised 3.4% reading in May (previously reported: +3.0% year-on-year) to 2.5% in June. The slowdown was largely driven by a soft performance in the manufacturing sector: Output growth slowed from 5.3% year-on-year in May to 1.5% in June, led by a marked slowdown in machinery and equipment output growth, as well as by contractions in the manufacture of wood and wood products, furniture, and building materials. The mining sector, however, picked up pace in June, expanding 16.5% annually in the month (May: 2.4% yoy). Energy production, meanwhile, swung from a 14.1% contraction in May to a 2.2% expansion in June.

On a seasonally-adjusted month-on-month basis, industrial production output contracted for the third consecutive month, falling 0.9% in June, a deterioration from the previous month’s revised 0.1% drop (previously reported: -0.4% month-on-month). Meanwhile, the annual average variation in industrial production fell for the tenth consecutive month to 4.4% in June, from 5.2% in May, marking the lowest print since January 2017.

FocusEconomics panelists project the economy to grow 3.7% this year, which is up 0.1 percentage points from last month’s forecast. In 2019, our panelists see GDP growth moderating to 3.3%.

Author:Almanas Stanapedis, Economist

Sample Report

Looking for forecasts related to Industry in Estonia? Download a sample report now.

According to Statistics Estonia, annual industrial production growth decelerated in April from the previous month, coming in at a 22-month low of 2.2%, following a revised 6.2% (previously reported: +7.6% year-on-year) expansion in March.

Sign up for our newsletter

Cookies Policy: We use third-party cookies to improve our services by analyzing your browsing habits.
By continuing to use this website you are giving consent to cookies being used. For more information on cookies and how you can disable them, see our "Cookies Policy".
Close